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Teva $ 560 million Insurance Claim Denied by Insurer


/ By Alan Gallindoss/

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On June 12th Jewish Business News reported that Teva had settled a major lawsuit brought against it by Pfizer and would be taking a charge again against earnings of approximately US$ 930 million in the second quarter of 2013, additional to US$ 670 million in provisions already made. We also reported that Teva stated that it believed it may have up to US$ 560 million in net insurance coverage with respect to this settlement which it may be able to recover from its insurance carriers.
In making that statement Teva obviously was a little tentative, and now we know why as their insurer Illinois Union Insurance is apparently claiming that it does not have to cover the payout, and is now even suing Teva in the US District Court for the Eastern District of Pennsylvania claiming that it does not have to cover the payout on the grounds that it was never properly notified of the suit.

Markets have already seemed to absorb this possible outcome and moved on, and Teva’s shares hardly moved with the news:



Source: company website



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